The main insurer’s risk is the death of the insured. When considering an application for insurance, a questionnaire or health declaration is filled out, according to which the underwriters decide whether to accept for insurance at standard rates or form a special offer (with a lower amount of insurance coverage, or a multiplying coefficient, or even refuse to accept for insurance at a specific risk). The questionnaire helps insurers determine the likelihood of your chosen risks. The final cost of the policy will depend on the answers in the questionnaire.
Your expenses will inevitably be growing as you get older and move up the career ladder. Your budget may vary depending on where you live and your marital status.
To illustrate the difference in premiums over time, let us take a look at the rates for healthy women of different ages. A 25-year old Jane is of normal weight; she has no serious illnesses and does not smoke. The insurance coverage of $500,000 for 20 years for Jane is estimated at $17.91 a month.
Her friend Olivia is 45 years old, and she also does not have bad habits or serious illnesses and leads a healthy lifestyle. However, her monthly fee for insurance coverage of $500,000 for 20 years is about $46 per month.
Photos are from open sources.